Downtown Syracuse

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Transcript of Downtown Syracuse

Downtown Syracuse Paul Smith's College Sibley's Building Other Downtown Projects Downtown Syracuse is at the center of more than $1.4 billion in capital investments being made throughout Syracuse.

In Downtown Syracuse alone, capital projects planned or underway total more than $265 million. Downtown SyracuseResidential Developments In the heart of downtown, VIP Structures is at work on the Pike Block on the 300 block of South Salina Street. The project combines four adjacent properties. With the assistance of State and local funding support, the project is under construction and set to be completed in spring 2013. The result will be the $25 million conversion of 130,000 square feet of vacant space into 78 market rate apartments, 25,000 square feet of ground floor retail space and a revitalized city center. Washington Street Partners has launched a $12 million mixed-use adaptive reuse project called Merchants Commons that will turn two previously vacant buildings (the former Merchants Bank Building and Snow Building) into 66 residential units and more than 20,000 square feet of office space on the upper floors; 1,750 square feet of retail space on the ground floor and a 65-car parking garage on the ground floor and basement. The project is expected to be completed in spring 2013. Syracuse Media Group recently announced it will move 150 employees to a 28,000-square-foot, two-floor office space at Merchants Commons later this spring. On the 400 block of South Salina Street, developers Bob Doucette and Rich deVito completed work at the Dey’s Building with a $14 million conversion into 45 residential units on the upper floors and retail space on the ground floor. High profile tenants include BTI The Travel Consultants and Café Kubal. BTI relocated to Dey’s from outside of downtown and Café Kubal opened their third location here. The SUNY schools have also invested in downtown. SUNY Upstate UniversityHospital is investing $32 million to renovate the former Townsend Tower and Harrison House inPresidential Plaza into housing for about 400 SUNY Upstate students and medical residents. GenevaTower, formerly Townsend Tower, is complete. Construction on the former Harrison House isexpected to be completed by the fall of 2014. The SUNY Oswego Metro Center in Clinton Squareoffers courses throughout the year at their satellite campus in the Atrium Building. Geneva Tower Syracuse Facts and Figures • More than 400 new residential units are planned or underway in Downtown Syracuse. This will bring roughly 700 new residents to downtown. • Downtown Syracuse has approximately 2,700 residents. • The downtown neighborhood is one of the two fastest-growing population centers in Onondaga County. • The average monthly rent in Downtown Syracuse is $1,219. • Market-rate housing in Downtown Syracuse is at a 99% occupancy. Pike Block Project Merchants Commons Dey's Building • Downtown Syracuse has more than 2.5 million annual visitors to its museums, musicaland theatre performances, festivals, and other cultural programming. The Landmark Theatre has completed its $16 million stagehouse expansionproject. The renovation increased the size of the backstage area to better accommodatetraveling Broadway shows and other entertainment. The renovated theatre is expected to doublethe number of nights the theatre is in use and generate an additional 200,000 visitors a year intothe heart of downtown. Since the expansion, the Landmark has been able to book several majorshows, including Jersey Boys and Wicked. Washington Station - Other signs of market maturation in downtown include new constructionprojects. In August 2010, the Pioneer Companies completed the construction of the $25million, 125,000 square-foot Washington Station offi ce complex. The complex houses O’Brien &Gere Engineers, Syracuse’s largest environmental and civil engineering fi rm, which has moveddowntown from the suburbs bringing 330 employees. The building is one of fi ve buildings inDowntown Syracuse to receive or be on track to receive LEED certifi cation from the U.S. Green Wells & Coverly Building - The Events Company, a local event planning company, has announcedplans to convert the upper fl oors of the Wells & Coverly Building into banquet halls withcapacity for 350 and 450 guests, respectively. The $2.9 million project will include renovationsto the interior space to create the banquet facilities, including catering kitchens, as well as facadeimprovements and the renovation of a pedestrian bridge linking the building to the ClintonStreet Garage behind the building. The ballrooms will be used for social and corporate events, as11 well as weddings, parties, fundraisers and galas. Onondaga Tower - CBD Companies has begun an $8M renovation at the Onondaga TowerBuilding that will have a substantial impact on the Warren Street corridor. The project will bringthe building back up to Class A offi ce space. Aspen Athletic Club has opened a 6,000 square-footlocation in the building. Jolime Fresh Garden Cafe will open a second location on the groundfl oor of the building in April. St. Joseph’s Hospital Health Center announced they will move morethan 90 employees to an offi ce in Onondaga Tower in the fi rst quarter 2013. The Tech Garden - The Tech Garden is a 35,000-square-foot technology incubator, one of thelargest in New York State. It partners with Syracuse University on the development of a Kauff -man-funded student venture incubator/accelerator (the Student Sandbox) that is considered anational model. The Tech Garden is at capacity and currently has a waiting list. Centro Transit Hub - To replace Common Center, which was located in the heart of DowntownSyracuse, the Central New York Regional Transportation Authority has opened a $14 milliontransportation center at the south end of downtown. The new Transit Hub off ers passengers theability to wait in a climate-controlled facility. 18 new retail businesses have opened in Downtown Syracuse since January 2012. Loews Building Marriott Hotel

To help capture downtown visitors, a new hotel is under construction in Armory Square called the Inns at Armory Square. The $29 million hotel will includea 102-room Courtyard by Marriott and a 78-room Residence Inn. The hotel will employ 100 full andpart-time employees and will welcome an average of 90,000 guests to the hotel each year. These guests will spend in excess of $18 million a year, locally. Completion is scheduled for May 2013. The upper three floors were converted to 24 luxury condominiums located across the street from the Sibley's Building